marginal or profitable, page-26

tcf, you are correct. P1 has never been declared non-commercial. Nor has it been declared commercial. All you are relying upon is the directors' confidence that it might be commercial. What I am relying on is:
a) non of the flow rates given are commercial. They haven't flow tested this well over a couple of days to see what the steady flow rate is. They have given no proper flow rate information.
b) they haven't said what the composition of the gas is. They must know what it is, but all they will let out is that it is rich in hydrocarbons.
c) if there was the slightest chance that it could be commercial, a competent management team would have proved it up much earlier. This would either have given the company cash flow immediately or, if it was insufficient to justify building a connecting pipe for the one well, would have supported the sp whilst other wells were drilled, reducing the share dilutions as they raised capital at the higher share price.

The comment re the casing is a classic GDN announcement, and many here completely misunderstood it, and read into it what they wanted to see.

"The directors of Golden State are very pleased with this result. This result has greatly lifted our confidence in the casing design, which augments well for successfully completing Paradox Basin #3 as a producer."

Firstly it says is that the casing design seems to be successful. Yes, good news. Then it says that this is very helpful for successfully completing P3 as a producer. All that means is, if there is gas, we are confident that we can get it out. No more than that. GDN announcements are more about psychology rather than imparting solid facts. Full of confidence, light on detail.